Deferred outflow of resources is a type of asset that is unique to government.
Answer the following statement true (T) or false (F)
False
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Use the information below for Fargo Corp for 2015 and 2016 to answer the following question. Bonds payable, December 31, 2015 $500,000 Bonds payable, December 31, 2016 800,000 Loss on bond retirement—2016 15,000 Interest expense on bonds—2016 45,000 At the end of 2016, Fargo issued bonds at par value for $800,000 cash. The proceeds from these bonds were used to retire the $500,000 bond issue
outstanding at the end of 2015 (before their maturity date). All interest expense was paid in cash during 2016. How much did Fargo pay to retire the $500,000 bond issue during 2016? a. $485,000 b. $500,000 c. $515,000 d. $560,000
Which of the following statements is not necessarily true about a journal entry?
a. Liabilities are indented. b. An explanation follows the journal entry. c. The Post. Ref. column is left blank until the entry is posted. d. All debits must be recorded before any credits.
Answer the following statements true (T) or false (F)
1. Direct material costs and direct labor costs cannot be easily traced to products. Therefore, they are allocated to products. 2. Manufacturing overhead costs, which are also known as indirect costs, cannot be cost-effectively traced to products. 3. The predetermined overhead allocation rate is an estimated overhead cost per unit of the allocation base and is calculated at the beginning of the accounting period. 4. Companies calculate the predetermined overhead rate at the beginning of an accounting period using the actual overhead costs 5. A modification of the overhead allocation method which uses a single plantwide rate, is to use multiple predetermined overhead allocation rates that have different allocation bases.
English contains ____________ clichés
a. disciplinary b. hundreds of c. too few d. only useful